Millennials Are Buying Homes In Much Tougher Market Than Their Parents
Millennials make up the largest market of home buyers, but they have much harder circumstances in getting there than other generations have had.
LEARN MOREPosted: 12:03 p.m. EST Feb 11, 2022
Home prices in the U.S. continue to climb as homebuyers are seeing little relief amid increased demand and low supply.
According to a report from the National Association of Realtors, 67% of 183 metro areas examined saw double-digit growth in average home prices during the fourth quarter of 2021.
The monthly mortgage payment for a typical single-family home with a 20% down payment is $1,240 — about 17% of the median family monthly income and a $201 increase from a year prior.
The average sales price of single-family homes rose 14.6% last quarter to about $362,000.
